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Eight Ways Knowing Finance Improves Your Sales Performance

As a salesperson, you are faced with decisions that can affect both your and your prospective clients’ business finance every day.  Strong financial acumen is something you can’t afford not to have if you want to be a top sales performer. 
Here are eight reasons why every salesperson needs to know business finance:

1. You know your own business better

The sales process is wrought with financial implications for your company. Understanding these implications helps you better understand the impact that each new customer could have–both good and bad. This ultimately improves your company’s bottom line, making both you and your company happier.

2. You better understand your customers’ needs

By being able to recognize your customers’ business structure, costs, and objectives, you can sell more strategically, targeting your customers’ hot issues and gearing your pitch towards their goals.

3. You gain a competitive edge

Understanding basic finance puts you ahead of your competitors who don’t understand customer economics the way you do. Simply put, you will be able to show understanding and empathy for your client’s business challenges better than the competition.

4. Customer meetings become more efficient

Preparation for customer meetings will be faster and easier, saving you and your company time and money.

5. You can climb the career ladder faster

As you progress in your career, you will be increasingly exposed to financial decisions. Having adequate background knowledge enables you to make the right choices and move up in your career.

6. You become better equipped to study company reports

Basic finance skills help you understand balance sheets, and therefore present more accurate company analyses.

7. Your prospecting becomes more efficient

You will be able to assess the financial health of your prospects and be aware of pressure points a client is under before you make your sales call.

8. You get better at pricing

You’ll know which factors affect pricing decisions, which helps you use different strategies for different industries and sectors.

Can you afford to not know finance?

At Celemi we preach learning by doing, and teach our clients through our various business simulations. Learn more about how to become a finance pro.
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